Provided EUR 15 million to Hesburger for expansion
We have agreed to provide a EUR 15 million loan to UAB Hes-Pro Vilnius, the operator of the Hesburger restaurant chain. This loan will be used for the expansion of new restaurants in Lithuania and other Baltic countries.
The restaurant chain has also started using Cash Pool service, virtually consolidating the accounts of its 23 subsidiaries across the Baltic countries and Finland. This allows Hesburger to manage and allocate the funds of these companies centrally, borrowing internally between companies and thus reducing the need for external borrowing.
"We are a Finnish capital company and a family business, so our collaboration with a Finnish bank is based on shared values. We have been working with OP in Lithuania for seven years, and this partnership meets our business needs. We appreciate the personalised customer service – the bank continually conducts in-depth analyses of our company and business sector, ensuring smooth communication," says Kari Salmela, CEO of Hesburger.
According to Salmela, the Lithuanian market has been favourable and productive for Hesburger restaurants in recent years. The company sees market potential and aims to expand the network to 80 restaurants. Currently, the network operates 61 restaurants in Lithuania
"We continue our successful long-term collaboration with the Salmela family's Hesburger quality fast food restaurant chain. The partnership between OP and Hesburger has been going strong for over a decade at the group level, and we are delighted to finance the company’s further investments in Lithuania, providing a reliable financial partnership for our clients," says Leda Irzikeviciene, Country Manager of OP Corporate Bank's Lithuanian branch.Hesburger also uses other cash management solutions offered by the bank in the Baltic countries and Finland, including daily banking and cash management services.
We are the fifth largest bank in Lithuania by business loan portfolio, which amounts to EUR 1.3 billion. We work with large and leading mid-sized companies, providing a full range of banking services from accounts and transfers to risk management solutions with derivative securities.
Hesburger began operations in Lithuania in 2007. It is the largest fast-food restaurant chain in the Baltic countries, with a total of 163 restaurants in the region. In 2023, sales reached EUR 54.5 million in Lithuania, EUR 53.9 million in Latvia, and EUR 44.2 million in Estonia. The Hesburger network also operates in Finland, Bulgaria, Ukraine, Germany, Poland, and Romania.